Joby Aviation, Inc. cash flow statement

In fiscal 2025, Joby Aviation, Inc.'s operations generated −$510m of cash; it spent $53.9m on capital projects, leaving free cash flow of −$564m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Joby Aviation, Inc.: cash flow statement, annual
Fiscal year	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	−196	−236	−314	−436	−510	−610
Depreciation and amortisation	16	24	30	36	40	40
Stock-based pay	27	69	94	104	128	170
Capital spending	32	55	31	41	54	133
Free cash flow	−228	−291	−344	−477	−564	−743
Free cash flow after stock pay	−255	−360	−438	−581	−692	−914
Shares issued	0	0	7	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

Joby Aviation, Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	−110	−120	−111	−107	−139	−153	−144	−173
Depreciation and amortisation	8	9	9	9	8	11	11	10
Stock-based pay	27	22	27	27	33	41	44	52
Capital spending	10	15	15	12	13	14	78	29
Free cash flow	−120	−136	−126	−119	−152	−167	−222	−202
Free cash flow after stock pay	−148	−158	−153	−145	−185	−208	−266	−254
Shares issued	0	—	2	42	104	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Joby Aviation, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Joby Aviation, Inc.